Appears Russia will soon ban bitcoin

Bitcoin is having a tough week. On Wednesday Apple slapped down a popular bitcoin app and then yesterday, according to a Google translation of a press release from the Russian general prosecutor’s office, Russian will soon ban bitcoin.

The release cited the cryptocurrency’s growing use in criminal activities and that substituting for the Russian ruble was illegal. There will be another meeting where the governing body will finalize and figure out how to implement the decision.

I’ve reached out to the Russian consulate for clarification and will update with anything.

Countries around the world are grappling with bitcoin and the rise of cryptocurrencies. Money has always been a state-controlled entity so a currency that is effectively irreversible and untrackable raises a lot of concerns. (Though many would ask how that’s different than paper money.)

The US government has said bitcoin has benefits and is not illegal, but hasn’t taken much action otherwise. India and China have expressed greater concerns over bitcoin.